Buy Balkrishna Industries, target price Rs 2130: ICICI Direct

ICICI Direct has buy call on Balkrishna Industries with a target price of Rs 2130. The current market price of Balkrishna Industries is Rs 2047.95. Time period given by analyst is Intra Day when Balkrishna Industries Ltd. price can reach defined target.

Balkrishna Industries Ltd., incorporated in the year 1961, is a Large Cap company (having a market cap of Rs 39638.72 Crore) operating in Tyres sector.

Balkrishna Industries Ltd. key Products/Revenue Segments include Tyres & Tubes, Export Incentives, Scrap and Other Operating Revenue for the year ending 31-Mar-2021.



Financials
For the quarter ended 31-03-2022, the company reported a Consolidated Total Income of Rs 2483.58 Crore, up 15.04 % from last quarter Total Income of Rs 2158.85 Crore and up 36.86 % from last year same quarter Total Income of Rs 1814.74 Crore. Company reported net profit after tax of Rs 374.84 Crore in latest quarter.

Investment Rationale
Falling channel breakout containing last two weeks breather and RSI in buy mode.

Promoter/FII Holdings
Promoters held 58.29 per cent stake in the company as of 31-Mar-2022, while FIIs owned 14.05 per cent, DIIs 11.78 per cent.